SPRINGFIELD OHIO HOMES FOR SALE
SPRINGFIELD OHIO HOMES FOR SALE
Housing Market Basics
The housing market follows a cyclical pattern in which prices rise and fall overtime. Ideally, you want to sell your house when house prices reach their peak, but it’s usually impossible to pinpoint the peak until after it occurs. To gauge market conditions, find out how much the average selling price in your area has increased each month for the last year. Then, look at monthly changes in the number of houses listed for sale; note the number of foreclosures. Typically, the less competition there is, the better off you are. Other factors to consider are the average days houses stay on the market and the margin between list prices and selling prices. If these indicators are all moving in the right direction, there may be no better time to sell your house.
You may need to sell if you purchased more house than you can afford, or you lost your job and aren’t bringing in enough income to pay the bills. Your mortgage is only one of the expenses that comes with home ownership. Property taxes, utilities and other fees also can put a strain on your finances. When you’re under water with your mortgage, check with your lender to see if you qualify for a federally backed loan modification program such as Home Affordable Modification Program or Home Affordable Refinance Program. These programs can lower your monthly payment and allow you to keep your home.
If you get a job in a new city, your first instinct might be to sell. In Springfield Ohio Homes for Sale can be on the market for a short while. Of course, if market conditions are favorable, doing so may not be a bad idea. If it doesn’t look as though your house will bring in as much money as you would like, an option may be to hire a property management company and rent the house until market conditions improve. This may generate additional monthly income while you wait for prices in your area to rise.
Your starter home may start to feel crowded as your family grows. The good news is that if you have owned and lived in your home for at least two consecutive years during the last five years, you can exclude up to $250,000 of your profit from capital gains taxes. If you are married and file a joint return, you may be able to exclude up to $500,000. If you have not lived in your home that long, you may consider waiting to avoid paying capital gains tax. If you sell your main home due to a job relocation, unforeseen circumstances or health reasons before the two-year period, you can still exclude a portion of your profit from capital gains tax.
Whatever the reason for selling, Springfield Ohio homes for sale can bring a strong profit. Call us today to find out how V Patrick Hamilton can help you.
Get In Touch
As real estate professionals in Urbana, OH, we have in depth local knowledge and can provide you with the information you need on home buying, home selling, financing and owning real estate in Champaign, Clark, Logan, Union Counties and surrounding areas. Contact The V. Patrick Hamilton Group for all your real estate needs.
Address: 123 E. Court Street
Urbana Ohio 43078